XRP Price Crashes Below $3, More Pain for Bulls?

[Ben Graham]

XRP price is gaining bearish pace below the $3.050 resistance zone. The price is struggling below $3.00 and remains at risk of more losses.

• XRP price is declining below the $3.020 and $3.00 levels.
• The price is now trading below $3.00 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $3.00 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below the $3.10 zone.

XRP Price Dips In The Red

XRP price remained in a bearish zone after a close below the $3.120 level, like Bitcoin and Ethereum. The price extended losses and traded below the $3.00 support zone.

The price even declined below $2.920. Finally, it tested the $2.850 support zone. A low was formed at $2.850 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $3.095 swing high to the $2.850 low.

The price is now trading below $3.00 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.90 level. The first major resistance is near the $2.920 level.

A clear move above the $2.920 resistance might send the price toward the $3.00 resistance. There is also a bearish trend line forming with resistance at $3.00 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $3.095 swing high to the $2.850 low.

Any more gains might send the price toward the $3.050 resistance. The next major hurdle for the bulls might be near $3.120.

More Downside?

If XRP fails to clear the $2.920 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.850 level. The next major support is near the $2.80 level.

If there is a downside break and a close below the $2.80 level, the price might continue to decline toward the $2.740 support. The next major support sits near the $2.720 zone, below which there could be a larger decline.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.850 and $2.740.

Major Resistance Levels – $2.920 and $3.00.